It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.

Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). 

@Kris TohovitisI wouldn't recommend using your cash to pay off the mortgage on your primary residence since you can likely get a better return on that money by investing it.What's your buying criteria for the multi-family property?

What are the biggest challenges people have faced with this. Also how do I make sure to get good tenants?

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.

How about the interest rate - is there also a different rate for citizens and non-citizens?  

Will you be keeping or selling your current primary?

When you look them up make sure the owner isn't a LLC and that there primary address is not the same as the property you where looking at.

There's a decent chance that if you have good credit and improve your DTI over the next year, you can put a Heloc on the property while it's still your primary to unlock some of that equity if needed.

Here’s what made a difference for us:🔹 Mortgage Relief – Many lenders offer disaster relief options like payment pauses or loan modifications.